A development similar to the Royals ballpark vision failed in Florida

Kansas City, Mo.

That $450 million project, also a public/private partnership failed.

Working for you, FOX4 wants to explore why that happened and how teams can avoid the same fate.

Award-winning Florida Times-Union columnist Nate Monroe covers the proposed development in the Lot J parking lot of TIAA Bank Field, home of the Jacksonville Jaguars.

Reports indicate about half of the funding will come from taxpayers. In the end, the city council voted for it.

“Lot J failed because it was just too much money,” Monroe said. “The funding is too opaque. It’s a lot of money [The Cordish Companies] and what the Jaguars are looking for will take the form of, as before, actual money.

Monroe said the more common incentive for these projects would be tax breaks.

The Royals, meanwhile, are calling their district the biggest public-private partnership in KC history. While financing has not been detailed, the team has referred to local, state and federal funding sources.

“The thing with this deal is that the devil is in the details,” Monroe said. “The way these things are funded can often be complicated.”

“I think it’s an interesting project,” said Nathan Mauck, a professor of finance at the Bloch School of Management at UMKC.

But Mauck has concerns.

“Economists have looked at the results, especially for taxpayers whether you get money when you put tax dollars into stadium remodels or new stadiums, and they found that, usually, these stadiums don’t create much value for taxpayers,” said Mauck.

Mauck says there are intangible benefits, however, like entertainment, community pride and quality of life.

Both agree, transparency at all levels will be key to this being successful.

That’s the promise the Royals have made to football in the city.

The Cordish company is also behind KC Live and baseball projects like Ballpark Village in St. Louis and The Battery in Atlanta.

The Royals did not say if Cordish is running this project.

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